ASX move to DLT slowed by Covid-19

A DLT-enabled post-trade platform, intended to replace the existing CHESS system at the Australian Securities Exchange (ASX), will not be going live in April 2021 as planned.

While the use of distributed ledger technology has been driven mainly by actors outside the traditional finance community, Australia’s stock exchange operator ASX has been one of the most progressive established players in going for it. Like so many business projects, this one too is now delayed by the growing coronavirus pandemic.

“It is also in response to user feedback on timing, requested functionality changes, and the need for ASX to complete aspects of its own readiness. In June, ASX will seek user input on the new schedule that will move the go-live date from April 2021 to a later date. In the meantime, the target of opening an Industry Test Environment (ITE) in July is retained,” ASX writes on its web page about the replacement project.